Who Might Need Licensed Money Lenders

Who Might Need Licensed Money Lenders

Who-Might-Need-Licensed-Money-Lenders

It may be an inevitable reality that most of us will experience financial troubles at one point of our lives. In situations where you need quick money, you should certainly consider looking into the services provided by a licensed money lender in Singapore. Compared to a conventional bank, you can get approval for your loan with less hassle and difficulties when you borrow from a money lender.

Reasons for Turning to Moneylenders in Singapore

Taking a conventional loan from banks may consume a considerable amount of time and can be very tiresome. Several processes are involved, and there is no certainty that your loan request will be granted. Instead, you may be trapped with several papers that need to be collected and presented to the bank even before you can get started with the application process.

If you don’t have any time to waste, the most realistic means to get a loan is a money lending company in Singapore. By doing that, you can avoid the prospect of long waits and painful experience at banks. In just a couple of days, you can receive the money from your loan, therefore allowing you to settle any outstanding bills.

There are some reasons why getting a loan from a legal money lender is a practical alternative. For example, there may come a time when you are facing financial problems, and yet you have no particular source of income. For urgent expenses that must be paid such as school fees, medical bills, borrowing from a licensed money lender may be the source you need.

Online Research

Visit the money lender’s website and their social media accounts to check if they have any rating or reviews posted there. The website itself may also have testimonials from previous customers that talks about their experience with the company. You should also shortlist some lenders instead of deciding on one immediately. The majority of lenders’ website will always have an application form for you to fill out any enquiries.

After you have submitted the form, an officer will contact you to know more about your situation and the kind of loan you need. You will be encouraged by them to visit their office, as they can’t provide you with any rate before evaluating your situation.

Visit licensed money lenders

You can pay a visit to money lenders around you to find out their interest rates. You will be required to fill out a form applying for a loan. A loan officer will tell you to input your SingPass and perform a credit check before offering you their rate. To determine the best rates, you might need to visit numerous lenders. However, as the number of money lenders in Singapore is 165, it will be time-consuming and rather infeasible to check all the money lenders just to determine the best rates.

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